Injective and BDACS sign deal to settle Korean won tokenized assets with KRW1 stablecoin

Injective teams up with BDACS on won-based settlement

Injective, a blockchain network also known as a Layer 1, has signed a memorandum of understanding with South Korean firm BDACS. A memorandum of understanding is a written agreement that sets out shared intentions but is not a final contract.

The goal is to make KRW1 the only settlement asset priced in Korean won for real-world asset and tokenization activity on the Injective network. KRW1 is a stablecoin issued by BDACS that is pegged to the Korean won, meaning its value is meant to track that currency.

Today, tokenized assets are often settled using stablecoins pegged to the U.S. dollar. The companies say the partnership would allow trading and settlement to happen directly in Korean won instead.

Key details of the agreement

• KRW1 would be the exclusive won-denominated settlement asset for real-world assets and tokenization on Injective.
• Tokenized assets would be traded and settled in Korean won on Injective rather than routed through dollar-pegged stablecoins.
• Minting and redemption of KRW1 — the process of creating and cashing out the token — would be limited to approved institutional partners.
• The arrangement remains subject to regulatory approval.

What BDACS and Injective say

Harry Ryoo, CEO of BDACS, said that without onchain won infrastructure, demand in tokenized markets would stay tied to dollar stablecoins. He said the two firms will explore how KRW1 can act as a won settlement asset for tokenized markets and will expand their work step by step as South Korea's regulatory framework develops.

Injective said the initiative is the first step toward bringing native Korean won markets to its network, with more to come as Korean institutions bring their assets onchain. The company said this will be implemented across its onchain markets, with updates expected as specific use cases go live.

South Korea's stablecoin rulebook in progress

The partnership comes as the South Korean government and lawmakers work on the Digital Asset Basic Act, which would set up a framework for stablecoins denominated in Korean won. The bill is reportedly in its final stages of consultation within the government and is scheduled for discussion at the national legislature next month. The two companies said their partnership aims to match these regulatory developments.

Why the companies see a need for won settlement

Stablecoins are still overwhelmingly priced in U.S. dollars, with USD-backed stablecoins making up more than 98% of total market capitalization, according to the article. Citing data used by the companies, The Block reported that South Korea's top five crypto exchanges have logged 18 straight months of net stablecoin outflows to overseas platforms, totaling about $10.4 billion.

Background on the two companies

BDACS is a registered virtual asset service provider in South Korea that focuses on digital asset infrastructure and custody for institutional clients. The firm reported more than 80 billion KRW in assets under custody in the first half of 2026.

Injective said it has been chosen by South Korean corporations POSCO International and LG CNS for the issuance, transfer, administration and settlement of trade receivables tied to international commerce. According to Injective, its network has processed more than $7.5 billion in real-world asset volume and has seen more than $1 billion in tokenized assets issued on it.

What is confirmed and what is not

Confirmed: the memorandum of understanding between Injective and BDACS, the plan to make KRW1 the exclusive won-denominated settlement asset for RWA and tokenization activity on Injective, the limits on minting and redemption to approved institutional partners, and the fact that the plan is subject to regulatory approval. The figures on USD stablecoin market share, exchange outflows, BDACS custody and Injective's RWA and tokenized asset volumes come from the article and the companies' cited data.

Still unclear: whether the arrangement will receive regulatory approval, what the specific use cases and launch dates will be, and whether the Digital Asset Basic Act will pass in its current form. The status of the bill is described as reported, not final.

What happens next

Injective said further updates are expected as specific use cases go live. The Digital Asset Basic Act is reportedly scheduled to be discussed at the national legislature next month.

Sources

• The Block